Salone News

Kabbah Lauds NASSIT

24 June 2007 at 08:32 | 259 views

By Sorie Sudan Sesay, Freetown

Outgoing President, Alhaji Dr. Ahmad Tejan Kabbah has
some words of praise for the National Social Security
and Instuance Trust (NASSIT), while making his address
at the NASSIT Second Member Conference held at the
Miatta Conference Hall, Youyi Building in Freetown.

The president said that NASSIT provides part
replacement of income on the occurence of the
contingencies of old age, invalidity and death and
urged NASSIT to continue its good work.

He expressed appreciation to NASSIT relating to the
impact they have created towards the economy and
national development especially in the area of
anti-poverty donations in terms of food and non-food

President Kabbah described NASSIT as one of the most
successful social security schemes in the sub-region,
adding, “ this is a positive occasion which shows that
NASSIT is growing from strength to strength.”

NASSIT’s Director-General Edmond Koroma revealed at
the ceremony that NASSIT’s current market value of
investment assests is Le122 billion, approximately US$
40.8 million as at 30th March 2007 as against Le 49
billion or $ 17.5 million as at 31st March 2004.

Koroma said that according to actual valuation, the NASSIT
fund is to grow to approximately Le 2.0 trillion by
2024 by which time the scheme is expected to begin
using a relatively small portion of annual investment
income to pay benefits.

Explaining the continuing increase of the operations
fund, Koroma said the results during the last five
years show increasing confidence in the scheme’s
management resulting in more people being covered.

He said membership in the formal public sector
increased from 64,661 in 2004 to 73,780 at end March
2007 and membership in the formal private sector
increased from 37,864 in 2004 to 55,914 at end March
2007 while contribution incomes increased from Le 71.7
billion or $25.6m for the period 2002 - 2004 to Le
103.4 billion or $34.7m for the period 2005.

The NASSIT boss said that the scheme’s next objective
is to process and pay social security benefits
accurately, securely and promptly on the occurence of
contingencies, adding that the processing period has
been reduced from 30 days to 15 days.

Meanwhile, NASSIT also yesterday gave awards the Leader of
the opposition All People’s Congress (APC), Hon.
Ernest Bai Koroma and twelve others, whom he referred
to as ‘Pioneers’ of NASSIT.

Ernest Koroma got an ward “in recognition of his role
as Chairman of the interim establishment committee in
successfully planning the NASSIT scheme as well as
setting it up” according to the citation.

Ernest Bai Koroma was presented with the award by
President Kabbah, amidst thunderous applause.
Kabbah congratulated him for his patriotism and good
work towards the success of NASSIT.

Other awardees include: Sierra Leone’s High
Commissioner to Ghana Alie Bangura, Labour Minister
Alpha O. Timbo, Dr. Kadie Sesay, James Sanpha Koroma,
Kandeh Yilla, Edmond Koroma, Jacob E. Quee, Lesnard E.
Johnson, Chie Bailey (ILO) and the first Director
General of NASSIT Eric M.A. Ajai of Ghana.